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20121212
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FOX Business
Dec 12, 2012 4:00pm EST
off of session highs, but they were encouraged by the fact not only was ben bernanke going to be printing more money but also the china seems to be gaining little bit of steam. good day for oil traders. liz: purchasing $85 billion in bonds per month saying it will keep rates low until we see the implement rate fall below 6.5%. that is historic, folks. and then said probably mid-2015, which is what they have said all along. find out if he thinks the right moves are being taken right now. david: one of the guys willing to take on alan greenspan also a hike in dividend taxes could be spelling trouble for utilities companies. chairman and ceo policy impact a tax hike will have and how today's meetings with senators and white house officials did go. liz: but first, what drove the market with the "data download," and volatile day on wall street, the stocks waiting until the fed announced and then it happened, it did pop and lost the momentum into the close. ending a five-day winning streak, 70 points plus gain. telecom and financials were sitting pretty much the top performing se
FOX Business
Dec 12, 2012 3:00pm EST
customers and thereby strengthen the housing market. >> thank you very much. >> fed chief ben bernanke, he should have quit at hello. the market lost all of their games plus a point. 6.5%, that is the point say unemployment rate at which ben bernanke says any future rate moves will now be tied. a news conference in washington, he emphasized his top priority now shoring up the job market. the decision to live up the printing presses in january. the fed investors said they will not stop buying bonds until they drop. 85 alien dollars and we created money each and every month, 45 billion of that put in longer dated treasuries. by mortgage-backed securities. dow jones industrials really straddling the flat line. up more than 81 points after the announcement of markets like this announcement and started to take a second look. the nasdaq has been down most of the day. investors gave the plan a thumbs-up and saw stocks at their best levels since october but giving up the games as you see, what went on. big intraday swings around 12:30 p.m. eastern when the fed made the decisions known. take a look
FOX Business
Dec 12, 2012 11:00am EST
statement from ben bernanke and company. qe forever. cheryl: full team coverage for the entire hour, nicole petallides watching traders' reaction from the floor of the nyse, jeff flock watching action on the trading pits of the cme and we have you covered with all-star fed panel. first we begin with nicole petallides on the floor of the nyse with stocks at the top of the hour. the fed now up 6. nicole: we are up six points, we are for six day is a row for the dow jones industrial. some would say people were waiting on the fed, talk about more easing and more stimulus and traders, they were asking about extending the programs, we will see about that. as far as major market averages the dow is just above the unchanged line like the s&p 500 and the ticket in nasdaq pulling back and you see the markets are very tepid and hovering right near zero and waiting for each headline. dennis: thank you, critics are calling it q e forever. the expected in moments to announce a new stimulus. cheryl: a current bond buying program, operation twist is scheduled to end. let's bring in our all-star panel. let'
FOX Business
Dec 12, 2012 1:00pm EST
money, but the market says thanks, ben bernanke and friends. we know the votes went through, and 11-1 decision. the market's acting this and running with it and moving to session highs so that these are session highs of 76 points on the dow jones industrials, a gain of 1/2%. the ticketing nasdaq is the worst of the month but it isn't 1/3% and the s&p 5 uuder the 0.3% and the s&p 5001430. anyone watching yesterday, he talked about the bias to the upside, talked about 1430 and talked about heading to 1440 and we are not are off of that level. american express leading the way. >> no deal to avoid the fiscal cliff, john boehner keeping the dialogue going and even trading new proposals but not stopping them from calling each other out. rich edson is in washington. >> that usually stops or pauses at the very least when there is progress. democrats and republicans have been stuck for weeks. the white house reduced its offer on tax increases for $1.6 trillion to $1.4 trillion including a willingness to begin corporate tax reform. republicans santa white house has to embrace significant spen
CNBC
Dec 12, 2012 12:00pm EST
chairman ben bernanke take in the unemployment rate? is now it's 7.75%. do the forecasts come down, or does the fed not believe in the decline of the unemployment rate because of things like the decline in the participation rate? those are the things we'll be watching today. we'll be listening to how the chairman explains or rationalizes what everybody in the market believes the fed is about to do. >> steve, akaspdr-man. let's bring in the two guests. we have the deputy chief investment officer. bill, with all good respect to my good friend steve liesman, who forgot more about the fed than i'll ever know, he said the balance sheet is, quote, about to explode. we've got a few trillion dollars already on the fed books. isn't that already the neutron bomb of indebtedness? >> well, potentially, brian. it's sitting there basically in reserves that the banks are unwilling to lend, so ultimately it provides the fire power, but not just yet. i think steve has it exactly right, though. the expansion to $1 trillion annually a year in terms of check writing is significantly potent in terms of potentia
CNBC
Dec 12, 2012 4:00pm EST
to realize that ben bernanke really has no idea what he's doing and must admit that his policy that's been in place now for four years of free money and 0% interest rates has really produced a very poor employment picture. let me prove my point. the november non-farm payroll report, we actually lost 22,000 jobs in the goods-producing sector. how could that be after four years of 0% interest rates? labor force participation rate, falling. the employment-to-population ratio falling and the key demographic of 25-55-year-olds, that demographic, they are leaving the workforce. >> michael, i get the feeling you're not a huge fan of ben bernanke. what would you do if you're the chairman then? >> if i was the fed chairman i would resign and realize that 12 people have absolutely no idea what the cost of money should be. the most important mechanism, symbol in a free market economy is the cost of money, and they have no idea telling us what that price should be. >> price mccain, help us out here. what's your expectation in the fed has said they are going to keep rates this low at least until unempl
CNBC
Dec 12, 2012 6:00pm EST
the republicans for not even wanting to consider tax increases. but don't you dear blame ben bernanke for not being willing to take bold action to get this economy hiring and moving again! even if his statements about economic weakness ultimately caused the averages to stumble from some pretty lofty levels. dow only declining ability 3 points s & p inching up 4.4%. close in positive territory. nasdaq giving up 2.8%. >> when you look at what ben bernanke did ntoday -- the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business. we are not going to get in your way. we're not going to allow interest rate to go higher until we get many hundreds of thousands of people hired! [ applause ] . ben bernanke has become the jobs commander in chief. we've heard nothing but carping
CNBC
Dec 12, 2012 3:00pm EST
. maria is off today as we welcome you to "closing bell" as ben bernanke wraps up his final news conference of 2012 after the fed's two-day meetings in which they agreed to continue to buy treasury securities and mortgage-backed securities, but the new wrinkle now in monetary policy that we all heard about today was a new kind of target. he called it a guidepost. to this point they said they would keep the fed funds rate at around 0% until 2015. now they say they will keep it there at least until the fed funds rate drops to 6.5%. it's currently at 7.7%, and while he was talking, mandy, the market lost ground. >> absolutely. let's take a look right in front of you. what you've got is the dow sitting right there on the line. it did actually drop negative just in the last five, ten minutes. we were at the highs of the day around 81 points to the positive on the dow. and then we really watched as ben bernanke was speaking the market lose its steam. the nasdaq also went negative where it is right now, and, you know, bill, i guess we'll ask our guests what it is that the market was dis
PBS
Dec 12, 2012 3:00pm PST
bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own forecasts, that might be reason enough for them to start raising interest rates even if unemployment has not come down 206.5%. >> sreenivasan: markets traditionally love certainty. why didn't they embrace it today? >> i think markets are starting to question whether the fed actually has the ability to deliver on this commitment to low unemployment. they've got the interest rates at 0, they have trillions of dollars worth of bonds and still the economy is very, very weak. >> sreenivasan: going forward, are there things that we should be looking for as signs from the fed on what's going to happen or should we be paying more attention to unemployment rate? >> well, the fed has taken one more step today. they're doubling the amount of bonds they're buying by printing money. they call that quantitative easing. but the other fact
CBS
Dec 12, 2012 12:00pm PST
and inflation rises to 2.5%. rates could stay near 0 for several years. here's the fed chief right there ben bernanke. the fed predicts unemployment rates will stay high until late 2015. they are working on it now. >>> house republicans are pressing the president to come up with a plan they can accept to avoid the looming "fiscal cliff." >> i was born with the glass half full. i remain the most optimistic person in this town. but we have some serious differences. >> they have work to do. president obama, house speaker john boehner spoke by phone last night after republicans sent a new deal offer but senate majority leader harry reid isn't very happy about the discussion on the senate floor this morning. reid compared the back and forth between the gop leaders and the white house to the peanuts comic strike where charlie brown tries to kick the football that keeps getting yanked away. >> we are not going to fall for that again. the american people aren't going to be under the illusion that the republicans are sometime in the future going to come up with revenue. they are going to come up with
FOX
Dec 12, 2012 4:00am PST
's anouncement from the federal reserve which includes a news conference from fed chair ben bernanke. the dow is now up for the 5th session in a row. the other big news - oil was a gainer for the first time in 6 sessions. explosive details are emerging that fedex was "systematically overcharging" businesses and the goverment. the emailed comments were released in court documents in a class action lawsuit. a fedex official says the documents don't tell the whole story. and shares of rare earth molycorp fell 5% on word the cmpany is seraching for a permanent ceo. larry shover of sfg alternatives joins us now for an early look at the market. good morning to you. and are we waiting for qe 4? > > i think we are, and i think we are going to see it. we saw the rally yesterday. i think a lot of that was just expectations that central bank liquidity is going to be with us for quite a long time. > we have had quite a rally in the market of late. what is going on there? > > we had a great rally, especially yesterday's rally, very macro-driven. and what i mean by that - it wasn't like one sector was rall
CNBC
Dec 12, 2012 9:00am EST
two-day meeting. a watch is on to see if ben bernanke and policy makers make a decision about the interest rates. later on, the chairman will hold a news conference, and of course, cnbc, will bring it to you live. coverage beginning at 2:00 p.m. eastern. jim, a lot of discussion about how much they are willing to do, given the tenuous nature of the talks in d.c. >> i think that this is one of those that is really at the front. things want to hear things haven't gotten worse. if it hasn't gotten worse, they'll stop buying the bonds. the competitive nature of bonds will rise at the same time the dividends will not be as bountiful. there's enough to not like that i think people will be freaked out. if he is not -- he must be opaque. he must go back to greenspan speak and say, listen, you know, on the one hand, on the other, simply because he has no clue whether we'll go off the fiscal cliff or not. i'm calling for opaque, return to the old days, of we have no idea what he means. >> the headlines the next day that are literally competing headlines. >> please, go back to being uncl
CNN
Dec 12, 2012 2:00am PST
. christine romans is talking markets. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of proposal from the wh
CNBC
Dec 12, 2012 5:00pm EST
. the one thing we can be certain about is that ben bernanke is keeping his foot on the pedal right now. >> yeah, and john, when you compare what economists have forecasted when it comes to unemployment and what the fed is essentially forecasting. if you look at the officials and where they stand, 13 of the 19 officials say there won't be an increase likely until 2015, which would imply that the unemployment rate would remain above 6.5% for that amount of time. does that measure up with what wall street is forecasting? >> well, it measures up with what the fed is forecasting. i haven't looked at our own survey, which just came out. but the felt's fod's forecasts general little in lily in line street's. so, i think it does -- for me, one of the big questions is, all right, so, what happens once we get to that point? once we get to 6.5% unemployment, you know, the fed chairman said today that he thinks that the fed is likely to be able to move very gararadual to raise interest rates. of course, he's probably not going to be around. his term would have ended. but there's a risk that the fe
PBS
Dec 11, 2012 4:30pm PST
bueno ben bernanke hasn transparent and telling people well in advance what he is going to do. the $85 billion should continue building up for our taxpayers balance sheet. >> susie: how does all of this play out in the markets. all of the bond buying, companies are still lding off from hiring and spending, and now the risk, possibly of a recession. how does it play out in the markets for 2013? >> what has happened, with all of this cash going into the market -- into the economy, not only from the u.s. fed, but from europe, from the central bank there, as well as from china, don't forget, so we've had this liquidity which has taken asset prices with the stock market and the bond markets, pricing it way up, it is actually helping housing after a long wait. moving into the future, there will be some duction in relythe fear that people have. it is not only a lack of confidence, but it is a fear of things going wrong. as we get day to day, i think the fed has been the only place in town to inject some optimism or feeling somewhat better in the general public, as well as in business. until w
FOX
Dec 12, 2012 5:00am PST
like cold air arrives than will be a stronger system. >>> and ben bernanke will announce results as he supports the fragile economic recovery. he said it's not enough to keep us from going over the fiscal cliff but it could help to cushion the fall. >>> a new trip survey shows almost half the people asked plan to be away for the holidays. two thirds will be visiting families and 07 percent is planning on spending more. >>> today you will automatically get the file and twitter will place a gray default photo in there if you top know how to. >>> time now 5:51, accusing a reality television show of cheating. why they say don't believe what you see on the screen. >>> and they are making some couples say the best day to get married is today. q . >>> a big-rig making an illegal turn caused a crash. a car crashed into that big-rig as it was making that u-turn and shortly after another car drove up on that site but he come see anything because of that fog. he spilled all the cargo and the road was closed as crews cleared the scene. >>> two glass doors were smashed at the store yesterday. thiev
FOX
Dec 12, 2012 6:00am PST
opening. they are waiting for ben bernanke and the federal reserve to see what they plan to do to help the economy move along and what he says, cushion the fall from the fiscal cliff and we will follow that on our noon news. >> we will go ahead and smile and say good morning, it is wednesday december 12th, i am dave clark. >>> a gunman is dead after shooting into a crowd at an oregon mall. sheriff's deputies say he killed two people before turning the gun on himself. joining us from portland where it all happened, good morning, dan. >> reporter: yes, good morning, pam and dave, what a horrible scene this was yesterday. 3:30 in the afternoon, exactly two weeks before christmas, this mall was teeming with shoppers and as many as 10,000 people were inside at the time when shots started ringing out. we understand from eyewitnesses a gunman walked through the macy's store of this maul and then -- mall and then walked to the food court and then fired shots and 5 to 18 more as he shot indiscriminately down the mall area here. we understand two people were killed, a third person was shot, she
CNBC
Dec 12, 2012 6:00am EST
of the decision and ben bernanke's news conference starting at 12:15. we'll talk to steve leaseman live later in the program. >>> another story that you heard about yesterday, the -- you know, violence and death threats and blood and guts. big implications for big labor. that is michigan's decision to become a right-to-work state. thousands of protesters and union members converged on the capitol in lansing yesterday to object to the measure that would bar unions from requiring workers to pay membership dues and to join the union. governor snyder signed the measure into law. >> shouldn't the unionsing putting out a proposition that workers want to join a union? and shouldn't workers feel free to make that choice to say their dollars are going to the union or not based on they feel they're getting results? so that's what this is really doing. so that's why i view this as pro-worker, not anti-union. >> the right-to-work clause regarded as a big blow to organized labor which has seen membership decline across the country. down to private sector 7%. >> you think overall, isn't it, 7%? more than 5
FOX Business
Dec 12, 2012 5:00pm EST
into recovery with very little to show for it i might add. is it time to call in the fed busters to stop ben bernanke from messing with our economy? i like that. joining me nariman bear verb, ihs chief economist and steve moore from the "wall street journal" steve, seems like you are the guy that likes our ghost buster, fed buster guy. >> i was shocked by the decision. is this qe inifiti we're on right now? melissa: i don't know. >> we've had such a huge deluge of liquidity into the market. and the fed, a lot of people know this that the fed already owns about a trillion dollars worth of federal 30-year treasury securities on its book and it will now purchase 40 billion more a month. that is fancy way of saying what we're doing right now, melissa, we're monetizing our debt. melissa: yeah. >> treasury department is issuing the debt and federal reserve is purchasing the debt and purchases that debt by printing money. melissa: nariman, a lot of people expected before the announcement today they would say they're backing off. instead they said they will target the unemployment rate, you know as
FOX Business
Dec 12, 2012 6:00pm EST
in that meeting with chairman ben bernanke, did you not want to scream? >> i am a fed head from way back, this was really the most remarkable thing, i have ever covered. we were expecting the fed to do this latest round of quantitative easing, and more bond buying, you know qe4 -- ever is the big choke in town. but a new change, a new roll see, that is the economy does x the fed will do y, in this case the fed said it will keep interest rates low for car loans, and mortgages and business loans until, at least until unemployment hits 6.5%, that is the first time that we've seen the fed do this kind of thing in its hundred year history. >> he did couch it a little, my decision was. well what if we get that 6.5%. >> that right, labor force participation rate, how many people who go into the labor force, and actually look for a job verse those who drop out, he addressed that, he said this is a guideline, we're not going to make this hard and fast. we'll look at other things like, payroll hours, and pay and wages, and the number of people who are dropping in and out of the workforce, when we
MSNBC
Dec 12, 2012 6:00am PST
and we will hear from ben bernanke itself after they release the forecast around the same time. next, as the newest member of the kennedy family heads to washington, we will take a deep dive into the kennedy family legacy. you are watching "the daily rundown" on msnbc. [ woman ] we knew it was gonna be bad, but never like this. the red cross was down here all the time. [ man ] they've given us a lot of heart. in times of need, they're there. ♪ [ kerry ] my dad was watching his house burn. he turned around, and all of a sudden, there was this guy standing there from the red cross. at a point where i had just lost everything, the idea that there was someone there... that's an amazing thing. ♪ your soups are so awesomely delicious my husband and i can't stop eating 'em! what's...that... on your head? can curlers! tomato basil. potato with bacon. we've got a lotta empty cans. [ male announcer ] hear from our chefs on facebook this friday! >> this january another kennedy heads to congress continuing a family tradition for generations. joseph key kennedy iii, grandson of robert f kenne
CSPAN
Dec 12, 2012 6:00am EST
of testing. we will be live from capitol hill started at 10:00 a.m. eastern on cspan 3. also, ben bernanke holds a news conference and he will give an update on the federal open market committee with live coverage at 2:15 p.m. also on cspan 3. >> the white house was very controversial. who designed washington city, submitted a design for a palace but americans did not want a palace. it was not all inspiring. in fact, in 1821, a european diplomat told congress it was neither of some or all of inspiring. the answer the congressman gave said the building serves its purpose. if it were larger and more elegant, but perhaps some president would be inclined to become a person -- permanent resident. >> vicki goldberg has gathered a few of her favorite white house photographs. watch sunday evening at 7:30 eastern and pacific on american history tv. >> up next, your phone calls on "washington journal." in 45 minutes, the house democratic caucus chairman talks about negotiations on the so- called fiscal cliff. at 8:30
CNBC
Dec 12, 2012 4:00am EST
:00 p.m. and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balance sheet and a new round of stimulus would.
CSPAN
Dec 12, 2012 7:00am EST
, "ben bernanke is to make a last fiscal cliff police." "topping a yearlong campaign, he would get one last chance to talk washington down from the fiscal cliff. host: c-span will be carrying that press conference live, fed chairman ben bernanke, on c-span 3. you can find that at 2:15 p.m. eastern time. you can find it on their website, we will be archiving that after the fact. what deductions would you give up? let's go to dawn in eugene, oregon. caller code good morning. listen, the contribution thing is a way to be of service, as far as i'm concerned. host: by contribution you mean charitable contribution? caller: yes. it is something that i would want to keep. i mean, not keep, but i would be willing to contribute to that concern about taxes. my main concern is the mortgage deduction. how severe -- many of us have every dollar that we account for on the federal. if we did not have that, we would be up to 25%. this would be quite a severe blow if this were done in a cut and dried fashion. maybe they can do a tiered thing? that is the thing about taxes, a lot of people purchase prope
CBS
Dec 12, 2012 5:00am PST
if we go over the "fiscal cliff." the fed will also release a revised economic outlook. that will be ben bernanke speaking today at 12:30. and that's the reason the stock futures are higher now. >> i guess yahoo got a bit of a makeover, too. >> reporter: it unveiled new versions of its free email service as it tries to regain some of the ground it los togmail. heand they have new apps. it's the first major product revamp that we have seen at yahoo since marisa mayer took over as the new ceo five months ago. trying to compete with google. that's a tough competitor. see how it goes. >> they're a monsta. >> hour speaker of the house. >> ashley morrison of cbsmoneywatch.com, thank you. >>> you can catch a ride to los angeles from san francisco and it all starts today for a buck. it's part of a promotion from a newest coast service called megabus. double-decker buses will provide trips down to los angeles. there is the bus right there. a live look. and they go to reno, too. the dollar fare by the way is only good for this week. it will go up but looks like you're riding in comfort down to l.a
MSNBC
Dec 12, 2012 1:00pm PST
wrap. >> hello. ben bernanke speaks and a market rally goes south. the dow closing down about three points. the s&p up marginally. the nasdaq losing eight points. that's it from cnbc. first in business worldwide. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. campbell's has 24 new soups that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. >>> house speaker john boehner is telling members not to make any christmas vacation plans. and our own christine welker may have uncover
CSPAN
Dec 12, 2012 7:30am EST
. coverage begins at 10:00 eastern. and later federal reserve chairman ben bernanke holds a news conference following a meeting of the federal open market committee. you can watch that live beginning at 2:00 p.m. eastern. >> the white house national economic council director discusses the fiscal cliff on monday and emphasizes the administration's position on higher taxes for the wealthy. he spoke at a center for american progress forum titled investing in the future, higher education, innovation and american competitiveness. this is 40 minutes. >> it is my great privilege to introduce gene sperling, director of the white house national economic council and assistant the president for economic policy. gene sperling also is a former senior fellow at the center for american progress, pro-growth progressive. and the connection between innovation, education, ensuring we have an economy that works for everyone. i want to say having served in the administration, there is no one in the administration who is more focused on america's long-term competitiveness, short term competitiveness, midterm com
CNBC
Dec 12, 2012 1:00pm EST
of that. the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for. when is unwinding going to happen? he set the targets now. we will see what the language is. >> very quickly. what three stocks do you think would be a good play given the environment we're in. >> three quick names. first of all, master card. master card will continue to
CNN
Dec 12, 2012 11:00am PST
reserve chairman ben bernanke says u.s. unemployment, a huge problem, huge waste of potential -- human potential, he said. bernanke says the fed will replace operation twist with a new $45 billion asset buying program. overall, the fed is committing to buy $85 billion worth of securities a month. the program seeks to keep downward pressure on interest rates to spur the economy. >>> now back to the fiscal cliff. 20 days, count them with me, 20 days out from higher taxes and punishing government spending cuts if there is no deal in washington to craft a softer landing. with me now from los angeles, economist, author, ben stein. ben stein, good to see you, sir. you know, look, despite all we're hearing and seeing out of washington, we can at least discern some movement on this issue of taxes. let me just take you back, house speaker john boehner, his first position was no new taxes. president obama was asking for new taxes totalling $1.6 trillion. after the election speaker of the house ponied up an offer of $800 billion, exactly halfway between his zero and the president's $1.6 trillion.
CNN
Dec 12, 2012 1:00pm PST
. speaking of the fiscal cliff, jessica, what did the fed chairman ben bernanke say about these current negotiations? >> well, bernanke is the man credited with coining the term fiscal cliff. he did it back in february as part of testimony before congress. bernanke was speaking at a press conference today and he was asked two things. one, does he see impacts from the fiscal cliff, the lack of a deal, is it already rippling through the economy in? he said, yes. that's why you're seeing a fall in consumer confidence and less business activity and he said that it's impair tea that the congress comes to a deal with the white house and he was asked, do you think that term is correct a. fiscal cliff? is it a slope, maybe? he said, no, it's a fiscal can cliff because the economy will hit a brick wall if there is not a deal in january. he says it is not hype. >> he's basically saying if we go over the fiscal cliff, if these lawmakers and white house doesn't make a deal, it could lead to a recession? >> that >> reporter: that's right. we could hit another recession if we go over the fiscal cliff
FOX Business
Dec 12, 2012 9:20am EST
's waiting for 12:15 eastern time. that's when we find out if ben bernanke is going to keep on printing a ton of money. until then, dead flat for the market. the dow right now is up 9. the fed will make the announcement at 12:15 eastern. eli lilly launching a new trial in its alzheimer's drug. didn't work in two previous attempts. give it one more chance. the stock is down. berkshire hathaway buys back at $131 a share, that's a buyback. caterpillar latest company to move up its dividend payment, pay out on new year's eve instead of next year because of the big tax increase that could be coming next year. says the move is in the best interest of its shareholders. it sure is. we are back in 90 seconds with the gas buddy. gas prices falling steadily, under 3 bucks a gallon in some places. to generate income? th fidelity's neoptions platform, we've completely integrated every step of the process, making it sier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i h
FOX
Dec 12, 2012 7:00am PST
&p are also up slightly. >>> today is the second day of a two-day policy meeting of the federal reserve. ben bernanke will announce results of the meeting before noon today. he's expected to announce the federal reserve will start a new round of bond buying as it tries to support the tragic economic recovery. bernanke says it is not enough to keep the economy from going over the fiscal cliff but it could help cushion the fall. >>> 8:47. let's bring you up to date on some of the other top stories we're following for you right now -- look at this. a san jose man was arrested after his truck slammed into an apartment building early this morning and children were sleeping inside. luckily nobody was seriously hurt. the building was severely damaged. the 21-year-old was arrested on suspicion of drunk driving. >>> and the united states will be pushing for a united nations security council resolution condemning north korea for lunching that rocket. the u.s. believes north korea uses rocket line of -- launches like that to test its long- range missil technology. >>> and house speaker john boehner thi
CNN
Dec 12, 2012 4:00am PST
again today. the federal reserve expected to announce more economic stimulus today. fed chief ben bernanke speaks at 2:15 eastern. the s & p 500 up more than 13% so far this year, and now up since the election. >>> bank of america, merrill lynch predicts oil prices in this country will drop to $50 per barrel. the cause? difficulty in moving huge amounts of oil from the bakan oil fields in south dakota and in texas. they don't predict a corresponding drop in gas prices. world oil prices will stay high, and our gas prices will likely track that. >>> americans are upbeat about the economy. 43% of americans say they are optimistic about 2013 and believe the economy is rebounding, nearly twice as many as last year. >> can i ask? the other day, we were talking about the fiscal cliff. and you tell us it will be really, really bad. why does the market keep going up? >> everyone thinks they will fix it. in the market, the question, what will the top rate be for the highest earners. 37%? the market says there will be a deal and lower corporate tax rates. if there isn't a deal, after the fir
CSPAN
Dec 12, 2012 5:00pm EST
on small businesses is no worse than cutting social worthy programs. federal reserve chairman ben bernanke admitted that the spending levels of this administration are unsustainable, just as president clinton declared years ago, the era of big government is over. this congress needs to man up and declare the era of taxing, spending and borrowing is over as well. now is the time for the president to provide leadership and level with the american people and set aside the campaign rhetoric of class warfare division and envy. small businesses cannot and should not be painted with the same broad brush as millionaires, billionaires and wall street executives. we must protect our small businesses and stop promoting the treatment of their income the same as the wealthy. at the same time, this administration needs to admit that raising taxes on small businesses will not help small businesses. we must prioritize our fiscal negotiations by putting spending reductions before addressing new receive news. mr. speaker -- revenues. mr. speaker, i came to washington to get something done. speaker boehner s
CSPAN
Dec 12, 2012 1:00am EST
. wednesday, chairman ben bernanke told a news conference. an update on the federal open market committee meeting. coverage starts to clock 3:00 p.m. eastern also on c-span 2 3. -- c-span3. >> from the u.s. chamber of commerce, a look at the fiscal challenges facing the nation, including negotiations over the so-called fiscal cliff. former comptroller general and former congressional budget office director explain why they think raising taxes will not solve all the problems. this is just over an hour. >> i will make a fewtoday we are going to talk about three issues briefly. one is that fiscal cliff, to is the debt ceiling. three is the so-called big deal that has to be done on our debt and deficit. unfortunately those issues, convoluted, especially in this town. they are distinct. the impact each other but they are distinct. this fiscal cliff is an artificial state. congress came in, said this law expires on this date. they extended it wants. they put in the sequestration. it is a date. all they have to do is extend the date and allow themselves time to discuss the issues. instead they a
CSPAN
Dec 11, 2012 11:00pm EST
.m. eastern. later federal reserve chairman ben bernanke holds a news conference following a meeting of the federal open market committee. you can watch it live beginning at 2:15 p.m. eastern. >> the white house was very controversial, as most things in america where. the designer of washington city, there was a competition. he submitted the design for a palace. it was not particularly on inspiring. in fact, in 1821, european diplomat told the congress that it was neither large nor on inspiring. the answer said -- the answer was the building served its purpose. perhaps some president would be inclined to become its permanent resident. >> former new york times photo critic has gathered a few of for favre winehouse photos and the white house, the president's home and photographs in history. one sunday evening at 730 eastern and pacific on american history tv. >> senators chuck schumer and lamar alexander held a press briefing today on planning for next month's presidential inauguration. since 1901 the joint congressional committee on inaugural ceremonies as irresponsible for the planni
CSPAN
Dec 12, 2012 9:00am EST
recession. that said, that awareness, that recognition, that's ben bernanke and former ed lazar have all embraced our problems now are more about demand, construction, should not undermine the fundamental importance of dealing with skills or that we may face temporary or future skill gaps. i think there's three reasons why we should be focused on this. number one, even the unemployment today that is fundamentally about the cyclical demand, less -- let's strengthen the economy, can easily become the next structural skills problem of the future. we know that one of the challenges we face right now in our economy is not just lowering unemployment, but lowering long-term unemployment. if we allow legions of our fellow citizens to stay unemployed for a year or two year or longer, we note from study after study that they will have more trouble reestablishing their skills going forward. and that would be a humanitarian crisis for us as a country, but it will also be, we will also be sitting by and letting the new structural skills gap expand because we're not taking enough efforts right now to
CSPAN
Dec 11, 2012 8:00pm EST
capitol hill, starting at 10:00 a.m. eastern on c-span3. also, federal reserve chairman ben bernanke holding news conference. and that it on the federal open market committee meeting. live coverage starts at 2:15 p.m. eastern also on c-span3. >> the white house was very controversial, as most things in america were. washington city, there was competition. he submitted the design for a palace. americans were not having a palace. it was not particularly of inspiring. in 1821, a european diplomat told congress it was the large, nor all conspiring -- nor awe inspiring. but the building circuits purpose. if a larger, perhaps some president would be inclined to become its permanent resident. but the kohlberg has gathered a few efforts davis white house photos -- >> vicky has gathered a few of her favorite white house photos. >> from the u.s. chamber of commerce, and look at the fiscal challenges facing the nation. including negotiations over the so-called fiscal cliff. former comptroller general david walker and former congressional budget office director rudy penner explained why they thi
CSPAN
Dec 12, 2012 6:00am EST
. later, federal reserve chairman ben bernanke holds a news conference following a meeting of the
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